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going on today. this is "mad money high noon." we've been listening all morning to ben bernanke's testimony. they're taking a break and we're monitoring it and return to it if need be. let's go to steve liesman. what do you think is happening here? >> the main thing to note is the thing he said again that the fed will remain exceptionally low for an extended period. there were questions about given what happened to the discount rate and given a very confusing financing program that they announced yesterday which is sort of a drain on liquidity. the main thing is bernanke steps forward and says we will remain exceptional, there are a lot of games and dancing going on about regulatory reform and games and dancing going on about some of the fed anger and the populist anger about where you go from here on deficits and that, but i don't think any of that is as substantial, jimmy, as the chairman saying here's the policy. the policy is what it was in january. one other note i would make, i thought his comments on the recovery were tentative and more on the one hand and on the other ha
to entertain you. call me. the most dramatic piece of news today did not come from ben bernanke's grilling in front of the house of representatives. bernanke floated like a butterfly. didn't bother to sting at all. it wasn't the skewering of toyota by congress for which the takeaway is quite obvious. keep buys ford and ford preferred. no, none of that. the most sit-up and take notice piece of news today came from dollar tree. which skyrocketed six points, up more than 14% on a day when the dow gained only, well, like 92 points. s&p up a percent. why do we care about a dollar score more than the fed chairman or a huge automaker? first, in full disclosure, my good and plenties of toiletries at my local store did not skew the numbers higher. although it didn't subtract from the company's astounds 32% increase in earnings. no. what this number says and what the stox said in reaction to it along with the store's radically high guidance from 2010, is that the consumer, the consumer is bummed and the consumer is stretched. >> the house of pain. >> i tell you, you don't go to dollar tree to feel g
the carfax!" it's free at thousands of reputable dealers. >>> federal reserve chairman ben bernanke will be back on capitol hill today, for day two of his twice-a-year economic report card. on wednesday he made it clear that interest rates will remain at record low levels for several more months to support the recovery. the latest housing numbers show just how fragile that recovery is. new home sales fell to the lowest level on regard in january. >>> new concerns about greece's debt crisis are overshadowing bernanke's comments this morning. stocks fell in torque owe with the nikkei dropping almost 1% today. bernanke's testimony gave wall street a boost yesterday. the dow finished up 91 points closing at 10,374. the nasdaq gained 22 points to close at 2235. >>> chrysler is voluntarily recalling more than 350,000 minivans because of problems with crash sensors that control the air bags. the company says it will replace the sensors in 2005 and 2006 town and country and dodge caravans. but chrysler says it should wait until june to contact dealers because it needs time to distribute the
bernanke told congress, record- low interest rates are still needed to help the economy. in his twice-a-year report to congress, bernanke said the economic recovery is still in the early stages and that moderate growth will only lead to a slow decline in the unemployment rate. >>> the ceo publicly apologized to the lapses that led to the recall of more than 8 million toyotas. akio toyoda admitted that the auto group grew too fast to stay on top of safety recalls. he says he is committed to regaining the trust of every consumer. >>> a report surprised economists who were expecting a rise in sales. while winter storms upon partly to blame, new home sales have fallen now for three straight months, despite low mortgage rates for some tax buyers. one in four homeowners owed more than their home was worth late last year. rising unemployment contributed to the rise of homeowners who are under water on their loans. for more money news, you can head to cbs money watch.com. in new york, i'm alexis christoforous. >>> coming up on wjz's eyewitness news at 4:00. from sportscaster to rape suspect,
americans back to work as soon as possible. >> reporter: ben bernanke says jobs are the key to an economic rebound. >> unemployment is the biggest problem we have. >> reporter: meanwhile, there's more bad news from the housing front. despite continuing tax incentives from uncle sam, new home sales in january unexpectedly plunged to a record low. brian mooar, nbc news, washington. >> that announcement from fed chairman bernanke sent stocks higher today. the dow picked up 92 points and finished at 10,374. the nasdaq was up 22 points on the day and the s&p gained 11 points. >>> police and demonstrators clashed today in greece. an estimated 50,000 demonstrators staged a march in athens against government austerity measures. some of the steps may include salary cuts and pension reforms. labor unions organized this protest march. things got violent for about lf an hour near the parliament. protesters hurled rocks, red paint and plastic bottles at riot police and the police responded with batons and tear gas. today the unions also called a 24-hour strike that grounded flights, shut down schools,
-- to lowest level since world war ii. ben bernanke sunday pressure to explain how to wrap up the central bank's program to inject emergency cash into the economy. he testifying before house lawmakers today who sits on the financial services committee. his job is a tough one because the economy is still shaky and ending the rescue program too soon could put us back in dangerouster. hay told lawmakers the fed members believe the recovery -- the recovery will remain high the next few years. >> consistent with moderate economic growth, expecting the unemployment rate to decline slowly. to arrange 6 opinion 5 toerz 7 opinion 5% by the end of 2012. still well above their estimates of the long run sustainable rate of 5%. >> bernanke said he's also committed to keeping interest rates low and you can see how that isn't landing on wall street. the dow jones industrials up 87.5. s&p popped up 9. nasdaq is up 22. by the way, the securities and exchange commission just voted today to make new rules to limit short selling on stocks that drop 10% or more. the vote was very close. >>> an investigation of a p
. people like alan greenspan and ben bernanke gave us the largest downturn since the great depression. that is why we have a huge budget deficit. we didn't have a huge tax cuts. we had stimulus and response to the downturn. we have higher unemployment if we have not had that but let's be clear if we are upset about the deficit greenspan and bernanke, i don't know why we reappointed bernanke. in terms of the entitlement programs, yeah we have a public pension program, which is hugely popular. you look at polling day that-- i was at a conference this morning in social security is over 90%. they ask people would you be willing to pay higher taxes to sustain sosa security benefits and 70 to 80% said yes. i don't see any problem with running a pension program through the public sector. what is the problem with the? it is usually popular. health care costs, medicare again. we are providing medicare health care benefits for seniors. that is also hugely popular. you have these tea party people out there yelling don't let the government touch medicare. they are anti-government but they want me
commercial real estate? i guess that you were all looking and listening to chairman bernanke when he talked about the next wave of defaults in the real estate area. >> yes. chair come well last questions, thank you very much -- develop last request questions. new loan fund than they did under the t.a.r.p. capital programs. one very important difference is that tarp was intended to provide capital for banks to assure their viability under conditions. this is powerful program designed to get banks to lend because as you know the dividend rate on this new capital can drop dramatically if and only if banks lend beyond where they are lending today. couple other points. the small banks we're talking about, have done a pretty good job of maintaining lending balances during this very difficult recession. we think many of them are eager to lend, and by providing them with more capital, in this case capital that could increase their tier 1 capital by 30 to 50% they should be more confident about able to support existing assets and increase their lending at the same time. >> it just brings me back mem
ben bernanke told congress that record low interest rates are stillness. they said they will keep their key interest rate to near zero for what he called an extended period. it has been between zero and 2.5%. at some point the fed will have to tighten credit but he did not give a timeline. >>> another move on the hill to help the financial recovery. the jobs bill that will give tax money to employers to hire unemployed workers, they green lighted a more expensive measure, but the bill was some businesses who hired the unemployed from paying payroll tax for the rest of the year and gives them a $1,000 credit. >>> there are some good numbers to pass along. the federal government projects a number of industries will lose jobs in 2018 even after the economy picks up. department stores expected to lose the most, 10% of the 1.5 million positions compared to 2008. semi conductor manufacturing will lose 34% of the 432,000 positions and motor vehicle manufacturing could see an 18% trop from it's 535,000 positions. >>> martinez will begin recognizing same-sex marriages starting immediately
as soon as possible. >> fed chairman ben bernanke says jobs are the key to economic rebound. meanwhile, there is more bad news from the housing front. despite continuing tax incentives, new home sales in january unexpectedly plunged to record low. senate democrats are working on a follow-up jobs bill that is more expensive and likely more controversial. >> we have big news for all you tweeters. yahoo! in twitter have announced eight content sharing deal. yahoo! reached a similar agreement with facebook back in december. twitter will start showing up in yahoo! search results right away. after a warm reception from holiday shoppers, toys r us is extending its lay around -- led layaway program for big ticket items. >> still to come, new details on the issue of pension plans for the baltimore city police and fire departments. >> being an olympian may be tiring, but being analytic family is exhausting. how they are dealing with the how they are dealing with the >> most of us can only imagine what it is like to be an olympic athlete. but imagine what it is like to be an olympic family? it ca
. in the meantime, send it to cnbc's julia boorstin for the market wrap. >>> fed chairman ben bernanke vowed to keep rates low. yahoo! and twitter announced a deal that would allow users to cross access updates and streams. yahoo!'s efforts to tap social networking, they struck a similar deal with netbook in december. >>> divisions are ski rocketing, much due to states hard hit leaving funding for education. nevada is among states raising 10 to 15%. that's it for cnbc, first in business worldwide. david, over to you. >> julia, thank you very much. >>> if your child was not making the grade, who would you blame, the teacher or the student? rhode island central falls high school has a 52% dropout rate. only 48% of the students get their diplomas. last night the school board voted five to two to fire the entire teaching staff and many administrators. the teachers and administrators got a pink slip effective at the end of the year. the school superintendent said enough is enough. >> we are your business. >> report cards based on the entire manner in which we run our schools. >> joining us from rhode isl
for banks in the country. host: ben bernanke referred yesterday to short-term political liability for this. guest: i think he is absolutely correct. people tend, under these kinds of conditions, to one to blame someone. the problem with that is there are plenty of people to blame. we deregulated the industry. the congress deregulated the industry. there was a culture, if you will, of deregulation. and this encouraged some of what i call speculative activities that led to the bubbles and then the collapse. yes, you had this reaction. i think it is an overreaction, and the outcome would be -- as you try to blame someone you get worse outcomes rather than better outcomes, and i think that is what the chairman was trying to communicate. host: does the banking committee and the members, are they right to be angry at the fete at all? guest: if they're going to be angry, i think they have to be angry at everyone, including themselves. they allow these organizations to get bigger and more risk oriented. and yes, and regulatory agencies because of this culture -- the regulatory agencies because of
. there's been a huge decline in our confidence of the future, and ben bernanke has painted a grim picture of the economy for the rest of this year. you put it all together, you have a jobless and very weak economic recovery, bill. bill: here's what you guys talk about on the fox business network, and everybody, they write about it in the "wall street journal," about a double-dip recession. how do we know if that's true, if it's happening, or are the pieces adding up, like the jobs number today and the home sales number you talked about yet thato yesterday that came out for neb? >> we're all looking at future, what's the economy going to look like in six months. it looked like we were progressing nicely through 2010 with a solid rate of growth, now we're negative on how the company will perform in the summer and fall of this year. i don't say we're going to get a double-dip recession but we're not going to get the robust 3 percent and 4 percent growth people hope for. we might go up in the spring and then down a little bit as we get into the summer and fall. not good. bill: stu, thank you,
bernanke. t.a.r.p. was supposed to be used to counter the mortgage crisis, not to bail out the big banks. do you believe mccain was misled? >> no, i don't, monica. the night before on nbc nightly news, you may remember john yang had a record that feerchbd john mccain saying because of his experience, he was best equipped to rhett republic arizona. now, in western inventory knack ewe lar, this ain't john's first rodeo. when he suspended his campaign to go back to washington to sit face-to-face with those decisionmakers, now a couple years later, he's telling us he was misled? i have to tell you, this is isn't revision of history. that sounds more like john kerry in 2004 than the john mccain i used to work with. >> and the mccain camp is attacking your spending record. they have a radio ad saying you talk like a conservative, but you spend like a liberal. they're citing your vote for the bridge to nowhere. you supported the 2003 medicare prescription drug benefit. what do you think of those ads? what do you think of those allegations? >> well, first of all, with all due respect, i understa
her terribly. >> some of the stories this morning at 10:00 a.m., ben bernanke is on capitol hill. all ears will listen to his take on job creation. this afternoon, the president will make his case for creating more jobs. it's going to happen at the business round table. >>> this afternoon in vancouver, fresh off the upset of team canada, the u.s. men's hockey team takes on switzerland. >> usa! usa! >> something tells me you are watching. >>> a star sentenced to five years in prison for shooting his limmo driver. it's been years coming. >> eight years in the running. this is a guy who literally had it all at one point. an nba all-star. one of the richest contracts in the league. prosecutors say he was playing with a shotgun, shot his driver, tried to cover it up. yesterday, a new jersey judge sentenced him to five years in prison. afterwards, he said he was sorry. >> i sincerely apologize for my actions that caused his death. i pray that today brings you some comfort. my children, you deserve a better father. son, brothers than i have been. >> he was apologizing to his victims there. h
bernanke also kept the market in check. he outlined the plan that the central bank will follow once the economy has recovered. bernanke was scheduled to deliver the testimony in person to a congressional panel, but the wearing was postponed because of, well, the storm. weather permitting, tomorrow we'll get the latest readings on jobless claim ace long with earnings on pepsico and viacom. and did i happen to mention it's snowing here? >> yes. is it making you a little grouchy? >> i'm not grouchy, i'm not going home. that's what's happening. >> hang in there. one year after hayleigh cummings vanished from her home, we hear from her father in jail on drug charges. we're going to talk about that next. >> the nasty winter weather is making roads deadly. earlier we showed you the stretch of interstate 80 in central pennsylvania. we have now learned, at least one person was killed after about 50 vehicles were involved in crashes. this is all in clearville county. another is said to have a serious leg injury because of all of this. no one is really going to go anywhere on the east coast to
closed yesterday. investors did have time to digest the news. the chairman of the fed ben bernanke basically telegraphed all this. he said that he was going to essentially be pushing up rates, tightening policy last week when he spoke before congress. analysts say the increase in the increase rate indicates that the fed is winding down a series of extraordinary programs it put in place to ease the economic crisis. so, in other words, the crisis is over. the rate increase is not going to directly affect borrowing costs for consumers and most businesses, but, as you see, it's putting the stock market under a little bit of pressure. right now we've got the dow off a little more than 27 points. also under pressure, shares of dell, the computer giant, reported disappointing fourth quarter earnings. sales rose during the holiday season, but those sales were cropped up by steep discounts that did cut into the company's bottom line. finally, well, the saints came marching in to the nyse this morning. three members of the super bowl champion new orlean saints rang that opening bell, looks l
in three months and just a hair under 100 million. bernanke said yesterday that the job market remains weak even though the economy is recovering. there is some good economic news. everything from washing machines to airplanes jump 3d% in january and the second monthly increase in a row. >>> coca-cola is changing the way it does business. spending more than $12 million to buy the large bottler. from using independent bottlers to controlling the process. pepsi has recently moved in that direction, as well. >>> get this, a relative of burr nad madoff is changing her name. she is married to buernie's son mark. she filed court papers for herself and her two kids to drop the madoff name. she probably doesn't want that out there, robben . >> she just wants to leave the name alone. >> completely. she's still married. it's not that. it's just the name. >>> a teacher danceoff sounded like kind of a fun idea for a pep rally until it became a lap dance dance off. >>> one of the most taulked abot people at the olympics may be heading home. >>> if you're running late, you must not have signed up for my
's news, chairman of the federal reserve, ben bernanke, says there is a risk for high interest rates and high inflation. borrowing from china and buying huge amounts of oil from opec and we have to realize we have a mess in our hands but there is a solution. we can create jobs and grow our economy without raising taxes. it's a bipartisan american conservation and clean energy independence act, h.r. 2227. this bill uses the trillions of dollars from oil and gas exploration off or coasts, drive conservation and new technologies to improve energy efficiency, develop clean energy generation and infrastructure, rebuild america's independent transportation system and clean our air and water. and not only will we create a clean energy future but create good-paying jobs for years to come. the news tells us how they are but that's not how it has to be. join me in supporting the clean energy and conservation act. i yield back. the speaker pro tempore: the gentleman yields back the balance of his time. for what purpose does the gentleman rise? >> to address the house for one minute and to revis
bernanke is in, senator. >> yes, he is. >> that's all right with you, though. you're going to be okay, right? >> i'm going to be okay. i offer my congratulations. but i think it does accepted a message to be confirmed by the lowest margin in history, sends a message about the concern about the role he played and the build-up to the crisis. >> yeah, but senator, you were ready to take the other side, knowing he would get confirmed, and your constituents can still say, well, at least this senator took the populus side. took the. >> i took the position as the only democrat taking that position after a careful review of the things he stood for, alignment with greenspan, failure to resfond derivatives. the failure on consumer protection, the things you are talking about in terms of prepayment penalties and liar loans and so i think he failed on many fronts but he is there now and i hope he does a great job on monetary policy and gets consumer protection in an agency that will care about it. >> senator, thanks. you have to keep coming back. >> thank you. >> oregon, oregon. i know how to say
for hiring. they could take it up as early as friday. also on the hill, fed chief ben bernanke saying that the congress action has helped to jump start the economic recovery, but he worries about the unemployment rate which is near 10%. >>> in vancouver, an emotional moment on ice. joannie rochette took third place in the short program after in the sudden death of her 55-year-old mother on sunday. she will battle for gold in the free skate final tomorrow. >>> i want to tell you what is going on with weather. we have a blizzard moving in the next 48 hours. we have pictures across the country and you have -- can we pull these up, michael? put them on the screen? okay. the one on the left is washington, d.c., and that is the white house and central park, the view from time warner center where cnn is. the only snowflakes you can see are in the animation behind it. it is looking good and calm, bhau but it is going to change. let's look at texas. if you are in west texas, wow, five inches of snow. i have to say that the texans are getting used to this and they have reason to buy a lot of sn
of making decisions on interest rates. mr. bernanke does testify regularly on capitol hill explaining what he is doing, and why he is affecting monetary policy the way he is. some, like milton friedman, have suggested that we could replace federal reserve with a computer that could determine these interest-rate formulas. perhaps that would be better. federal reserve policy can be subject to certain criticism. i do not hoknow how we would do this. there is disagreement on the way they have handled the recession, and that is fair. host: another tweet -- guest: $3 trillion of the deficit? over the next 10 years, if we expended all the tax cuts, for everyone, that would be about $3 trillion. the deficit is much bigger than that. the base line is $11 trillion. if you got rid of all the tax cuts, we would still have and $8 trillion deficit over the next 10 years. president obama is not talking about doing that. only for those making more than $250,000 a year. that is only 1/5 of the tax cuts. if you want to get rid of "tax cuts for the rich" it is over $16 billion from a deficit of $11 trillion.
bernanke was scheduled to testify before the services committee and not any more. the hearing was postponed and may still release a plan at the top of the hour. it is expected to outline the bank's central plan and unwind programs that waere designed to get out of the crisis we're experiencing. disney says its fourth quarter results reflect, they are putting off travel plans to the last minute. the company had to rely on discounts. >>> finally, robin, we did a little digging, snow digging. 41 years ago today, that was the last time the new york stock exchange was closed for snow. last full snow day that they've had. no worries, they're at it today. they're down there and the nyc is open. it's kind of weird. 41 years ago today. >> they officially closed them, but not today. >> not today. >>> bracing for a blizzard is even tougher when you're already recovering from record-setting snow storm. how the nasty weather is affecting thousands of flights and a morning commute. this is from washington, d.c., i can tell. mostly from the call letters. >>> plus, one of tiger's alleged mistresses says he
Search Results 0 to 22 of about 23